DEMOCRATIC PARTY OF SOUTH KOREA DELAYS CRYPTO TAX AFTER FACING INVESTORS BACKLASH

South Korea's Democratic Party has made a surprising U-turn on its stance on crypto taxation.

After initially opposing the government's proposal to delay the crypto capital gains tax, the party has now agreed to a two-year delay, pushing the implementation to 2027.

This decision comes after the party faced backlash from investors, who were concerned about the impact of the tax on the crypto market.

The Democratic Party had initially suggested increasing the tax threshold from $1,800 to $36,000, but has now agreed to the delay.

The crypto capital gains tax was first scheduled to be implemented in 2021, but has been delayed several times due to concerns from crypto stakeholders. Once implemented, the tax will impose a 20% tax on digital asset gains.

It's worth noting that the delay is seen as a positive development for the crypto market in South Korea, as it will give investors more time to prepare for the tax and potentially lobby for more favorable regulations.